Chainlink ($LINK) whales have moved tens of millions of dollars worh of the cryptocurrency amid a cryptocurrency market downturn and as the project was integrated into Coinbase’s layer-2 solution Base, in what was the largest on-chain transaction spike for the decentralized oracle project in in the last 90 days.
According to on-chain analytics firm Santiment, three large LINK transactions, worth around $80 million, all went through within minutes of each other, as LINK whales started moving their funds.
As CryptoGlobe reported, Chainlink has recently announced that its Price Feeds have launched on the testnet of Base, Coinbase’s layer-2 solution built on OP Stack, a development kit usd by another layer-2 solution, Optimism.
Blockchain tracking service, Lookonchain, reported on the same day as Santiment that significant LINK transfers were detected in one of the whale addresses mentioned.
Lookonchain revealed that the cryptocurrency was moved from LINK’s non-circulating supply, which consists of tokens set aside by Chainlink, to a whale wallet. The transferred LINK was then moved to Binance, where it could potentially be sold on the open market.
While the motives behind these transactions are not yet clear, they could be a signal of a larger trend in the crypto markets. As prices fluctuate, whales – individuals or entities that hold large amounts of a particular cryptocurrency – may be taking advantage of the volatility to move their assets around.
The movements of these Chainlink whales could have an impact on the wider cryptocurrency market, as LINK is one of the most popular cryptocurrencies and is used in a range of applications across the decentralized finance (DeFi) ecosystem. These movements come amid a wider crypto market downturn that has seen BTC and ETH lose over 5% of their value in just 24 hours.
However, it is important to note that these transactions could also be part of normal market activity and not necessarily indicative of a larger trend.
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